Pacific Life offers five types of life insurance products:
- Term life
- Whole life
- Indexed universal life
- Variable universal life
Pacific Life’s term life insurance
Term life insurance is usually the lowest cost life insurance option. It is ideal for people who have a specific period they want to cover. For example, if you want enough coverage to pay off your mortgage and cover funeral expenses if you pass away, a term life policy with the same length as the mortgage may be an ideal solution.
Pacific Life offers two term life products, PL Promise Term and Pacific Elite Term.
PL Promise Term comes with 10-,15-, 20-, 25- and 30-year term options. Premiums remain level and can be paid annually, semi-annually, quarterly or monthly, depending on your budget. Death benefit amounts are flexible, but the minimum amount is $50,000.
At any point during the life insurance term (until you’ve reached age 70), you can convert some or all of the PL Promise Term into one of Pacific Life’s universal life policies.
Pacific Elite Term comes in 10-, 20- and 30-year terms, depending on issue age, during which premiums do not change. Premium payment frequency is available annually, semi-annually, quarterly or monthly. The minimum face value is $750,000 for this policy.
As needs change in life, this product gives you the option of full or partial conversion to a Pacific Life universal life policy. If you have had the term policy for at least one year, you can also get a conversion credit equal to the amount of your Pacific Elite Term premium for one year.
Pacific Life’s whole life insurance
Whole life insurance is an appealing option for people seeking permanent but simple life insurance with some solid guarantees. It offers a guaranteed death benefit, annual premiums that do not change and a guaranteed rate of return on your cash value.
Pacific Life offers three whole life products including Pacific PremierCare Choice 100, Pacific PremierCare Choice Max, and Pacific PremierCare Choice Multi-Pay Max. While there are some distinct features of each product, there are many similarities. All of these whole life products offer:
- Issue ages 30 to 75
- Premium limits of $36,000 minimum and $600,000 maximum
- Long-term care and terminal illness benefit options
Pacific Life’s indexed universal life insurance
Indexed universal life insurance is an option for people looking for flexible premiums and death benefits. Cash value increases and decreases ae based on an index such as the S&P 500. It is important to consider participation caps and fees commonly associated with indexed universal life insurance products.
Indexed universal life insurance is Pacific Life’s largest life insurance product offering. Five products are available, including Pacific Horizon IUL, Pacific Trident IUL, Pacific Discovery Xelerator IUL 2, Pacific Indexed Accumulator 6 and Pacific Indexed Estate Preserver 3.
For example, Pacific Horizon IUL is indexed universal life insurance with a flexible premium. It includes a fixed account with a 0.5% guaranteed minimum interest rate.
For people seeking more earning potential, the Pacific Horizon IUL offers indexed accounts in a 1-year or 3-year option, tied to the S&P 500 index, or a 1-year Volatility Control account tied to the BlackRock Endura index. (A Volatility Control account can provide fewer fluctuations but may result in a lower rate of cash value accumulation. )
Pacific Life’s variable universal life insurance
Variable life insurance comes with a variety of features, including cash value investments, the flexibility of premium amounts and frequency of payment, and death benefit options. This is another permanent life insurance intended to stay in place throughout your lifetime. Variable life insurance includes the ability to borrow or withdraw from your cash value.
Pacific Admiral VUL is Pacific Life’s flexible premium variable life insurance policy and is full of choices. The cash value accumulation depends on the investments you choose, and you can vary the amount and frequency of your premium payments. You have several investment options to consider. You can select one of two fixed account options for lower risk (and lower return). The variable investment options include portfolios of various funds. If you prefer indexed accounts, there are three options for those, too.